Definitions.

CFR · 2024-01-01 · US · Title 7

The following definitions apply to this subpart. (1) Fed steers; (2) Fed heifers; (3) Fed Holsteins and other fed dairy steers and heifers; (4) Cows; and (5) Bulls. (1) When used in reference to live cattle, the term “formula marketing arrangement” means the advance commitment of cattle for slaughter by any means other than through a negotiated purchase or a forward contract, using a method for calculating price in which the price is determined at a future date. (2) When used in reference to boxed beef, the term “formula marketing arrangement” means the advance commitment of boxed beef by any means (2) When used in reference to boxed beef, the term “forward contract” means an agreement for the sale of boxed beef, executed in advance of manufacture, under which the base price is established by reference to publicly available quoted prices. (1) Whether a packer provided any financing agreement or arrangement with regard to the steers and heifers; (2) Whether the delivery terms specified the location of the producer or the location of the packer's plant; (3) Whether the producer is able to unilaterally specify the date and time during the business day of the packer that the cattle are to be delivered for slaughter; and (4) The percentage of steers and heifers purchased by a packer as a negotiated purchase that are scheduled to be delivered to the plant for slaughter not later than 14 days and the percentage of slaughter steers and heifers purchased by a packer as a negotiated pu

official document · source cfr-2024 · id 7:§ 59.100